经济政策不确定性与企业数字化发展:促进还是抑制——来自中国A股上市企业的经验证据

Economic Policy Uncertainty and Digital Development of Enterprises:Promoting or Suppressing——Empirical Evidence from Chinese A-share Listed Companies

企业数字化发展是我国数字经济发展的重要一环,但面临着全球经济不确定性的影响,经济政策不确定性是促进了还是抑制了企业数字化发展?文章基于2010—2020年中国EPU指数和上市企业数据,实证研究经济政策不确定性对企业数字化发展的影响,结果显示:经济政策不确定性的增长能显著促进企业数字化的发展;传导机制研究发现,经济政策不确定性能通过加大政府发放补贴的力度、降低企业融资约束、增加企业研发投入的途径,促进企业数字化发展;异质性分析结果显示经济政策不确定性对非国有、大型、实体、“十三五”期间企业的作用更大。据此提出,政府加大扶持力度和数字金融发展力度、企业加大研发力度、因时制宜地开展数字建设的建议。

The digital development of enterprises is an important part of China’s digital economy,but facing the impact of global economic uncertainty,has economic policy uncertainty promoted or suppressed the digital development of enterprises?This article is based on the China EPU index and data from listed companies from 2010 to 2020,and empirically studies the impact of economic policy uncertainty on the digital development of enterprises.The results show that:the growth of economic policy uncertainty can significantly promote the digital development of enterprises;research on the trans-mission mechanism has found that the uncertain performance of economic policies promotes the digital development of enterprises by increasing the in-tensity of government subsidies,reducing corporate financing constraints,and increasing R&D investment;the results of heterogeneity analysis show that economic policy uncertainty has a greater impact on non-state-owned,large,and entity enterprises during the 13th Five Year Plan period.Based on this,it is proposed that the government increase the support of digital finance development,enterprises increase research and development efforts,and carry out digital construction in a timely manner.